
Last year, journalist Swaminathan Aiyar wrote a cheerful essay entitled “The Elephant that Became a Tiger”. It was a snub to The Economist which had referred to India as “the Caged Elephant” in a briefing published in 1991. That year, a bold and visionary Manmohan Singh, then Finance Minister, oversaw the dismantling of the infamous Licence Raj and set the economy on a new path. Today, one wonders about the Tiger’s condition....